The minister was speaking during a Dáil debate on a Fianna Fáil Bill seeking to give the Financial Services Ombudsman greater powers including the naming of financial services companies in certain circumstances.
However, he said further work was required on the Bill's detail and its scope.
The Minister said the Ombudsman had informed the Government of two reservations his office had about naming institutions. The first was that complainants might be reluctant if they thought they might could be named and that financial services firms might be more defensive and resort to the courts to dispute the Ombudsman's decisions.
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He also said that the Government would not oppose the Bill and that he may use Deputy Michael McGrath's bill which he described as a "fine piece of work."